8×8 Inc (NASDAQ:EGHT) Short Interest Down 25.6% in January

8×8 Inc (NASDAQ:EGHT) saw a significant decline in short interest during the month of January. As of January 15th, there was short interest totaling 2,313,241 shares, a decline of 25.6% from the December 31st total of 3,109,674 shares. Based on an average trading volume of 670,988 shares, the days-to-cover ratio is currently 3.4 days. Approximately 1.7% of the company’s shares are sold short. Approximately 1.7% of the company’s shares are sold short. Based on an average trading volume of 670,988 shares, the days-to-cover ratio is currently 3.4 days.

8X8 Trading Down 3.5%

NASDAQ:EGHT traded down $0.06 during midday trading on Tuesday, hitting $1.66. The stock had a trading volume of 4,666,375 shares, compared to its average volume of 938,322. The stock has a 50-day moving average of $1.92 and a 200 day moving average of $1.95. The company has a market capitalization of $230.14 million, a price-to-earnings ratio of -41.50, a PEG ratio of 1.67 and a beta of 1.78. 8X8 has a one year low of $1.52 and a one year high of $3.52. The company has a quick ratio of 1.12, a current ratio of 1.12 and a debt-to-equity ratio of 2.30.

Institutional Trading of 8X8

A number of hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp bought a new position in 8X8 during the 4th quarter worth about $45,000. Mayflower Financial Advisors LLC boosted its stake in shares of 8X8 by 2.0% during the fourth quarter. Mayflower Financial Advisors LLC now owns 389,123 shares of the company’s stock valued at $767,000 after purchasing an additional 7,659 shares in the last quarter. SG Americas Securities LLC increased its holdings in 8X8 by 46.0% during the fourth quarter. SG Americas Securities LLC now owns 26,630 shares of the company’s stock valued at $52,000 after buying an additional 8,392 shares during the period. Wealth Enhancement Advisory Services LLC increased its holdings in 8X8 by 14.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 67,219 shares of the company’s stock valued at $129,000 after buying an additional 8,678 shares during the period. Finally, CIBC Bancorp USA Inc. bought a new position in 8X8 in the third quarter worth approximately $30,000. 93.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of 8X8 in a report on Monday, December 29th. Rosenblatt Securities reaffirmed a “buy” rating and set a $2.50 price objective on shares of 8X8 in a research note on Wednesday, November 5th. Three research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and four have given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average target price of $2.49.

8X8 Company Profile

8×8, Inc (NASDAQ: EGHT) is a global provider of cloud-based enterprise communications, collaboration and contact centre solutions. The company’s unified communications as a service (UCaaS) platform integrates voice, video, chat, SMS and contact-centre capabilities into a single, software-driven solution. By combining real-time analytics, team messaging and interoperability with third-party business applications, 8×8 aims to simplify communications infrastructure for organisations of all sizes.

Founded in 1987 and headquartered in Campbell, California, 8×8 pioneered hosted VoIP services for businesses in the late 1990s and went public on the NASDAQ in 1997.